Madeira Government Plans €300,000 Incentives for Microenterprises
Madeira GuideThe Madeira Government is set to introduce a new financial incentive scheme for microenterprises, offering up to €300,000 in support.
The Madeira Government, under the leadership of José Manuel Rodrigues, Secretary of Economy, has announced a new financial incentive program specifically designed for microenterprises. This initiative aims to provide financial support of up to €300,000, with a maximum contribution of 60% toward investment projects.
This scheme has been developed in response to the challenges faced by microenterprises in accessing existing community and other support programs. The new incentives are intended to support investments in various sectors, ranging from €25,000 to €300,000.
The incentives include a base contribution rate of 50%, which is increased by an additional 10 percentage points for businesses located along Madeira's northern coast and on Porto Santo Island. This specific geographic focus aims to support underdeveloped areas and address logistical challenges.
Rodrigues shared that the system is expected to be operational by September and will cater to microenterprises across diverse economic sectors. Special attention is given to Porto Santo, where support for the transportation of raw materials will help mitigate rising costs in the transformative industry, such as baking.
Microenterprises represent a significant portion of Madeira's economy, with about 36,000 businesses employing over 100,000 workers, which equates to 96% of the region's business fabric.
Jorge Pisco, President of the Portuguese Confederation of Micro, Small and Medium Enterprises (CPPME), praised the government's proactive approach. He highlighted the importance of such economic initiatives, particularly noting their impact during the Expo Porto Santo, which serves as a vital platform for economic, cultural, and social exchange.
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Madeira Guide
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